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Anyone here into FOREX?

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Music_Producer said:
Now, the exciting part. A whopping 55 pips on the USD/CAD trade :D C
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I traded GBP/USD on that and got 34 pips. This is my first major win. :)

MP, You said this week is gonna be a good week with lots of news, some of them are GBP news which comes out at 4.30am.. I dont think i am gonna wake up at 4.30am..

Will you be awake?
Is there any place else that we can see the calendar for other countries,, other than yahoo and forexfactory?

Nathan, i didnt watch the video, but the sound of it is really creepy... personally, i dont think there is any way that USA, Canada and Mexico are gonna be one country within 3 years. -No way-

Good luck everyone for this week's trading
 
Hey guys, back.. had a busy weekend and day with my wife's sister's wedding.. I don't know how I'm staying up right now to trade! I couldn't trade the GBP/USD today (CPI report) Missed a nice 58 pip profit because of a re-quote :mad: :mad: Let's see how the US trade balance comes out.

Nathan, I don't think the 3 countries will merge.. no way.. but I do have a feeling that their currencies might become a single currency, apparently termed the 'Amero' :p Lol.. I don't know why everyone has to copy the 'Euro' or whatever, but it doesn't matter if the currencies do converge. There will never be a single world currency anyway, no chance of that happening.

Yuhu, I stay up all night till about 6-7 am PST anyway, so I can trade. I then sleep till 2 pm or so.. sometimes it does get a bit tiring, but on the weekends you will usually see me sleeping all day. :)
 
Urgh, got up in the middle of the night only to get a requote! :( Ah well, at least it's proof that I'm getting faster. ;)

Let's see how the trade data comes out. If US #s are down and CAD #s are up it should be a good trade on the USDCAD... :cool:
 
First of all I would like to thank Music Producer for being so generous and sharing his wisdom and strategies with everyone. I have read about 30 pages of this thread for about 2 weeks now. It inspired me to start trading again, I quit last summer for lack of time with summer school. I was doing a different type of trading then this I was using charts and various other methods. I would like to try this out :)

Watched the Trade Balance today and only saw about a 14 pip difference from when the news went out. It settled back down to about what it was before the news broke out at about 8:46. Did anyone else experience this or was I just not watching it closely enough? Any reason why there was such little pip movement? Also if you don't mind...music producer.... on the forexfactory calendar what events do u usually trade? Mostly the red stuff or orange or will you do whatever you think is important just from personal experience? Thanks again for all your help. And also with all these news items do u trade it against the USD always?
 
Traded the USD/CAD on the trade balance report, made 8 pips. UK employment #s are this morning followed by US and UK retail sales. It's definitely a busy week!
 
hey people, I started following this thread a while ago and learned a lot--although to this day I never trade the news, but if and when I do, I'll know how ;)-- but yeah like I said I learned a lot and music_producer especially has been helpful to me so I felt like I wanna give a little something back.

I'm a technical trader unlike all of you so I trade based on what the graphs look like and different indicators. Two main elements to technical analysis: trend and support/resistance. Anyways I'm planning to pop in every once in a while with some input when I see something interesting going on

Feb 14 plowcow's analysis:

USD/JPY

the yen's been in a huuuge range lately and since ranges are easy to trade, could be a big profit opportunity for easy money (sell at the top, buy at the bottom)

right now its heading to the bottom of the range--the best thing that can happen is sometime this week it will hit 120.00--this level is a crucial support area since price bounced off of it previously and since it is a psychological support (round numbers act as support/resistance)

TRADE PLAN: wait for price to hit exactly 120.00, then go all in and BUY, max out your margin but MAKE SURE to put a 5-10 pip stop loss
 
You're welcome Leetz.. not all the 'red' marked reports on forexfactory are capable of making currencies move. For e.g. today, gbp/usd claimant count change.. although it came out at -31,000.. which was a huge deviation.. the move was only 11-12 pips, I managed to squeeze out 4 pips.

This was obviously because the markets were waiting for the Bank of England's inflation report, which came out an hour later. I made a good 17 pips on that one, as initially the report stated that inflation risks are low.. so the pound dropped quite a bit.. but then there were statements made that a low CPI does not necessarily mean that rates will not be hiked. That came out, and the gbp shot up 50 pips.

US retail sales.. I managed to get only 8 pips, as the report came out at 0.3% .. not really a deviation from the forecast of 0.4% Still, it was kinda bad news for the us dollar, plus gbp was strong anyway.. so gbp/usd is up at 1.9570 right now.

When you see muted moves, its usually due to a small deviation, or an insignificant report.. or, sometimes.. the currency has moved so much, that it is not possible for it to move by a wider range. For e.g. if a report is due at 2.30 am, and at 2.25 am.. gbp/usd shoots up by 40-50 pips due to whatever reason.. and the news comes at 2.30 am which is gbp positive.. the gbp/usd will only spike up maybe 10-15 pips more (because of the earlier 40-50 pip move)

On the other hand, something quite the opposite may occur. I remember when there were rumors that NFP report was going to be terrible. So 15 minutes before the report.. GBP/USD kept going up and up. by almost 50-60 pips. When the NFP report did come out, it was quite strong.. beat all the rumors.. and the gbp/usd fell by a massive 80 pips.

Yes, everything is paired to the USD.. when you see something like EUR/JPY its a cross pair.. i.e. its EUr/USD + USD/JPY.

Additionally, I do not trade when there is more than one important report coming out. Conflicts can really mess up a trade i.e. the currency can spike up for two seconds.. and then go all the way down.

Next trade I'm looking at is the NZD retail sales.. I'll be trading the NZD/USD for that. It should be a nice trade as there are no other reports around that time, hopefully the report deviates quite a bit for a nice 20-30 pip move.
 
Made 4 pips on the US retail sales this morning and just made 12 pips on the Japanese GDP. Up next, UK retail sales, then lots of US data tomorrow... should be a good day...

Oh, and I'm almost done testing my MACD technical strategy. Hindsight is always 20/20, but some of the results are quite successful and consistent. I'll post some info on it in the next couple of days. I almost feel obligated to test it out myself though first... :eek:
 
made 5 pips on JPY GDP. I decided to play it safe and trade USD/JPY so it moved about 40 pips, where as GBP/JPY dropped 100 pips :eek: ...the spread is 8 pips though(which obviously didnt matter this time)
 
Nice one nhallmark! Yeah, the 3 pip fixed spread with CMC helped me out on this trade. ;) :)

Does anyone know why the GBP pairs have a higher Beta than other pairs? It always seems like GBP/USD moves more than EUR/USD, and now the same with GBP/JPY vs USD/JPY... interesting...
 
Oh crap, I completely missed out on the JPY GDP trade! I just forgot about it.. and that was one heck of a mover too! When I got back home from lunch I read you guys talking about it, and I was confused.. wondering where that came from :p

Yeah Shard, for some reason GBP does move a lot more than the other currencies. Hence, I switched from eur/usd to gbp/usd quite some time back. I am not sure why.. maybe the Brits get a little too excited over all this :D
 
Music_Producer said:
Oh crap, I completely missed out on the JPY GDP trade! I just forgot about it.. and that was one heck of a mover too! When I got back home from lunch I read you guys talking about it, and I was confused.. wondering where that came from :p
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Ah, don't worry about it, that's the beauty of forex trading - there'll always be another trade... ;)

Music_Producer said:
Yeah Shard, for some reason GBP does move a lot more than the other currencies. Hence, I switched from eur/usd to gbp/usd quite some time back. I am not sure why.. maybe the Brits get a little too excited over all this :D
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Hey, as long as it's consistent I don't have a problem with that!

Oh, and I'm entering 3 pretend trades tonight based on my MACD technical strategy. I'll see if I get stopped out or if I'm right, and if it's the latter, I will do a little write-up on my method. If not, well, back to the drawing board... :eek: ;) Regardless, I'll always have the news to trade (i.e. the facts and fundamentals) so it's all good. :cool:
 
45 pips on the UK Retail sales report :D I love reports like these.. deviated by a big number.. came out at -1.2%. The GBP/USD kept dropping.. right now about 30 more pips after I got out.. will it go to 1.9500? Possible, but not likely.. but the way its dropping.. geez.. almost 100 pips. Retail sales sure is a powerful report! (also because it deviated by a big number)

Next up are the US reports, better get some sleep till then!
 
Hopefully no one got caught in the whipsaw.. I just made a pip on the gbp/usd trade right now (empire manufacturing) The gbp dipped for maybe 2-3 seconds.. by the time i got out it spiked back up so i only got out with a pip instead of 5.. apparently the unemployment report took everyone by surprise. 315 k was expected.. but it jumped to 357.. the highest since november.

Again, this shows that a 'significant' report like the empire manufacturing can be overshadowed by a higher deviation in a less significant report. Hence, its best to trade single reports.. not when there are too many coming out at the same time.
 
Music_Producer said:
45 pips on the UK Retail sales report :D I love reports like these.. deviated by a big number.. came out at -1.2%. The GBP/USD kept dropping.. right now about 30 more pips after I got out.. will it go to 1.9500? Possible, but not likely.. but the way its dropping.. geez.. almost 100 pips. Retail sales sure is a powerful report! (also because it deviated by a big number)

Next up are the US reports, better get some sleep till then!
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Nice one! Unfortunately I elected to sleep this morning instead of trade. ;) I had got up the previous two mornings and wanted a good night's sleep today, even though I knew the report was coming out. There's always another trade though!

Was all ready to trade the US data this morning however it seemed too conflicting, as things didn't move that much. I'll be ready to trade the TIC report though in 15 minutes, then the data 15 minutes after that, then the data 45 minutes after that, then... ;) :D
 
16 pips on the TIC report.. relatively easy. Just one more left before heading to bed :D

Edit : I have a feeling its all bad news for USD today
 
Just traded the TIC Report. Made 5 pips on the EURUSD from 1.3146 to 1.3151. Got out before it corrected. :D The reason I didn't trade GBPUSD was because I had the BUY window ready on the EURUSD pair and the SELL ready on the GBPUSD so I could react either way as quickly as possible. ;) :cool:

Industrial production is next...
 
Only 6 pips on the Industrial Production numbers. I got in a little late and since the USD has been weakening all morning I didn't know how much further it would slide, so I just wanted to take my modest profit and run. ;) As you say Music_Prodcuer, looks like a bad day for the US... good day for us though... ;) :cool:
 
4 pips.. CMC's re-quotes (while closing a trade) are driving me insane.. I lost 6 pips because of the lag.. and then 8 pips during the TIC report. A little concerned about that, it can easily turn a potential profit in a loss.. did you get any re-quotes shard?
 
Music_Producer said:
4 pips.. CMC's re-quotes (while closing a trade) are driving me insane.. I lost 6 pips because of the lag.. and then 8 pips during the TIC report. A little concerned about that, it can easily turn a potential profit in a loss.. did you get any re-quotes shard?
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Sorry to hear that Music_Producer. Nope, I was lucky today, no requotes at all... :eek:
 
Shard, how do you close a trade? For e.g. if you buy gbp/usd.. once its executed.. you click 'new' and then hit 'sell' right?

The manual states to right click on the executed order and close it.. but when I tried that a couple of times, it never seemed to work. :confused:
 
Music_Producer said:
Shard, how do you close a trade? For e.g. if you buy gbp/usd.. once its executed.. you click 'new' and then hit 'sell' right?

The manual states to right click on the executed order and close it.. but when I tried that a couple of times, it never seemed to work. :confused:
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Never tried the right-click method actually... But yes, I just click NEW and BUY/SELL as quick as I can... I've experienced requotes as well but I've been lucky today so far.

Mr. Bernanke speaks in about 20 minutes and then the Philly Index report comes out about 2 hours afterwards. There's definitely potential for a few more pips today... :)
 
Yeah..same thing happened to me, Music_Producer. I was up 10-12 pips and I went to close...it gave me a requote and I closed for -6 pips:mad:

I should have cancelled the requote because it went back up and kept going after I closed. oh well.

Is anyone trading German CPI or French Nonfarm tonight? I dont know whether to stay up or not..
 
nhallmark said:
Is anyone trading German CPI or French Nonfarm tonight? I dont know whether to stay up or not..
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I had a full trading day so I'm sleeping tonight. If I wake up for some reason around the right time, sure, maybe I'll pop on and see if there's a trade but that's very unlikely. ;) I'll definitely be trading PPI, BPs etc. tomorrow morning though. :cool:
 
Nathan, I'm not trading anything today. The eur reports I have no clue if they move the markets.. but generally they don't. As for US PPI, I would have traded it but there are a couple of other reports coming out at the same time (housing starts) and I am afraid that if there is a huge conflict, you will see nothing but whipsaws.

If you are trading, trade with a small lot.. of course I could be wrong and you could see a move of a lot of pips, but I'd rather be safe than sorry.
 
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